TECHNOLOGY

Quantitative Brokers integrates new algo with TCA platform

New algorithm ‘Closer’ created in collaboration with asset managers designed with anti-cross feature.

By Hayley McDowell hayley.mcdowell@information-partners.com July 06, 2016 2:40 PM GMT

Quantitative Brokers has launched a new algorithm, which it has integrated with its transaction cost analysis (TCA) platform.

The algo, known as Closer, has been designed to improve trade execution in relation to settlement pricing.

It is to be linked up to Quantitative Brokers’ TCA platform, providing transparency for traders, which the firm informed The Trade it has “evolved and become richer in terms of the transparency it can offer.”

A particular feature of interest to the industry - according to chief executive officer and co-founder Christian Hauff - is an anti-cross feature which is unique to the algorithm.

The anti-cross feature prevents multiple buy and sell orders crossing on the exchange, which has been an increasing challenge facing traders.

Closer was made in collaboration with several asset managers and industry leaders who expressed the need to be compliant whilst not crossing orders.

Hauff told The Trade: “Closer was created based on extended dialogue with some of the largest and most influential asset managers. It’s a very collaborative approach.”